Alliance Trust Company of Nevada in The Economist

The Economist

Typically well-reasoned and published since 1843, many believe that the Economist is the finest English-print magazine in the world.  The magazine tackles complex global issues with a balance and perspective that only a 170+ year history can provide.  That is why, in the context of the media fury surrounding the “Panama Papers,” that the Economist’s suggestion to publish individual global tax returns (April 9th edition) deserved to be publically questioned.  To the credit of the publication, Gregory Crawford’s letter to the Editor is published in the April 30th print edition.  In the letter, the President of Alliance Trust argues that no benefit will come from such a disclosure plan or the OCED’s related “Common Reporting Standards.”  The impact of sharing detailed personal financial information with rogue governments around the world will not increase U.S. tax revenues by a cent.  In fact, the only meaningful outcome of the proposals is to violate basic personal privacy significantly increase the physical and financial risk to law-abiding citizens and their families around the world.

Awareness of NING Trusts Growing Nationally

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Nevada Incomplete Non-Grantor Trusts (or, “NINGs”) are growing in popularity and usage across the country.  NINGs provide the grantor of the trust asset protection and the potential to minimize local and state income taxes on investable/intangible assets.  As this NASDAQ.com Article on NINGS, these types of trusts are not for everyone.

However, a family living in a high-income tax state with significant taxable income and appreciated investments (or investments expected to appreciate) can benefit from a NING. This is just one of many Nevada trust planning strategies that makes Nevada the Asset Protection Trust Rankings   If you are interested in learning more about NINGs, please read this Article by attorney Gordon Schaller and call Greg Crawford at Alliance Trust Company in Reno at 775-297-4684.

Why Sand Hill Road Uses Nevada Trust Strategies

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Alliance Trust Company of Nevada spends significant time in Silicon Valley.  Our clients range from early stage Angel investors, the founders of many fast-growing technology firms, and the partners of some of the most prestigious venture capital firms in the world.  Why are so many people connected with Sand Hill Road using Nevada Trust strategies?  In a word: Flexibility.

Nevada offers exclusive options within its trust and estate laws, and you don’t have to be a Nevada resident to establish and benefit from a Nevada Trust for generations to come.

Simply put, Nevada offers flexibility around common asset protection, tax-minimization, and dynasty provisions that have many around the country recommending Nevada as the best state in the country for trusts.  Even Business Week magazine recently took notice, putting Reno on the cover for its trust and estates activity.

Interested in learning more?  Call Greg Crawford, President of Alliance Trust in Reno at 775-297-4684.

Relocating Out-of-State? It’s Important to Update Your Estate Plan

Many people move as part of their careers, or move when they retire to more favorable climates and tax environments.  It’s almost a cliché how New Yorkers retire to Florida, and how Californians are moving to Nevada.  In fact, Florida just surpassed New York’s population and Nevada is now the second fastest growing state in the country.  Often lost in the excitement of a new chapter in life, is the need to update your estate plan.  An excellent article by Nevada attorney Scott Halvorsen addresses the issue here.  Of course your estate plan should always be reviewed when buying or selling property, but also for additional critical issues related to your living will/healthcare directives.  Estate planning laws vary significantly from state to state, and all aspects of your plan should be reviewed whenever one relocates.  Nevada is consider to have the best  estate planning and trust laws in the country.  For more information, contact Greg Crawford at Alliance Trust Company in Reno at 775-297-4684.

Decanting an Irrevocable Trust in Nevada – Modernize an Irrevocable Trust

Many people believe that once a trust becomes irrevocable, that there is nothing you can do to change and fix outdated family trust provisions.  That is not correct.  Certain states,  including Nevada, have “decanting provisions” which allow for modifications of irrevocable trusts by shifting the assets from the old trust and into a new, modernized trust.  The new trust may have stronger asset protection and/or tax advantages.  The process leaves the unwanted trust provisions behind, like leaving sediment behind in decanting wine.  Decanting can be done quickly in Nevada, at a minimal cost.  Alliance Trust Company will be co-presenting a presentation at the Gathering in San Diego at the end of the month.  If you are looking at options to modify an irrevocable trust, you have a lot of options in Nevada you may not have in your home state.  Nevada is consider to have some of the best and most flexible trust laws in the country, and is consider one of the most favorable jurisdictions for decanting.  Please call Greg Crawford in Reno at 775-297-4684 for more information.

State of the Union to Propose Stealth Increase of Estate Taxes

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The Wall Street Journal and numerous other media outlets are reporting that the State of the Union address on Tuesday will outline a proposal by the President to effectively increase estate taxes.  In the proposal, appreciated assets in an estate would not receive an updated or “stepped up” tax basis on death.  Only a small amount of gains, suggested as $200,000 in portfolio assets and $500,000 in a primary residence would be shielded from tax.  Although these numbers may seem large, ask many families what their tax-cost basis is in desirable places to live, such as Silicon Valley and other parts of California, and you will see that this proposal would capture many more families with a taxable event on death even without a formal change to the estate tax rules.  There are many estate planning strategies that can help with families facing estate tax burdens.  Some of the best strategies use Nevada Trusts – the best state for asset protection and tax minimization.  Please call Greg Crawford in Reno at 775-297-4684 for more information.

Encore Presentation of Greg Crawford on Bulls n’ Bears

For those that missed the live broadcast, there will be an encore presentation of Alliance Trusts’ Greg Crawford discussing how Nevada evolved into the best state in the country for trusts, and business entity formation.  The show airs this Sunday at 9 pm on 99.1 FM in Reno.

What types of trusts are available in Nevada that aren’t in other states?  What trusts minimize local taxes?  Estate taxes?  Or better protect assets for your heirs?  If you are in Las Vegas or other parts of the country, tune in at this link.  A podcast should be available shortly.  For additional information, the well-regarded host of Bulls n’ Bears, Ken Roberts, recently wrote about NING trusts for the Lake Tahoe Tribune.

Social Media Executives Making a Splash in Nevada

Lake_Tahoe_NevadaNevada has long attracted Californians – for vacation, second homes,  family trusts, and business relocation.  The influx of Californians is reshaping Northern Nevada from the sage brush valleys being transforming into sophisticated factories, to the new shops and restaurant popping up in downtown Reno.  The ripple effect from Silicon Valley to Reno is gaining speed.  Just over Mt. Rose from Reno, Lake Tahoe has always been a favorite spot for those from the San Francisco bay Area, an easy 4 hour ride (in a Tesla) or 30-minute flight away.  Many Silicon Valley pioneers have used Nevada’s most-favorable trust laws to protect and grown assets for generation to come – now many of the newer household names from social media giants are using Nevada Trusts for their families and making a new generation’s claim in Lake Tahoe.

Trusts Aren’t Just for the Rich – National Radio Appearance

In a recent excellent article on the use of family trusts, CBS Marketwatch author Ken Roberts detailed why trusts are so important for all families, not just wealthy ones.  If you only have a will, your assets must be re-titled to your heirs via a lengthy and costly probate process.  Additionally, probate is public process, giving all of your friends, family neighbors and others easy access to see the size and disposition of your assets, on-line.  A revocable living trust is far superior – properly structured it is faster, less expensive and private.

Once you have engaged an attorney to draft an estate plan, he or she may recommend an irrevocable  trust.   These trusts are typically used by those with assets of $0.5 million and above, and can serve a variety of tax and asset protection strategies.  Irrevocable trusts can be placed in any state the grantor (the person who establishes the trust) wishes, and most agree that Nevada is a top-choice nationally for family trusts.  A Nevada irrevocable trust can better protect your assets for your family, potentially trim taxes and last for many generations.  For more on  Nevada and why it is popular, listen to this recent national radio broadcast featuring well-regarded Las Vegas attorney Steve Oshins and Alliance’s Greg Crawford.  For more questions, please call Greg Crawford at 775-297-4684.

Welcome to Reno, Tesla Motors!

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Since its founding in 2005, Alliance Trust Company has provided high-quality, flexible trustee services in Reno for families across the country.  We were attracted by Nevada’s favorable trust laws and business climate, which many believe are the best in the country.  Over this time, we have seen the national perception of Reno change from the like of Reno 911 and a “poor man’s Vegas” to that of a new hub for drone research, Silicon Valley  spill-over companies and and various other industry start-up companies.  Even the New York Times has taken notice of Reno.  Alliance Trust, offering to families nationally the important benefits of asset protection trusts, dynasty trusts and the potential to minimize taxes in Nevada, has grown along with the city and region.

Now Tesla has announced that it will build its much anticipated gigafactory just outside of town, bringing billions of dollars in investment, thousands of new jobs to the region and spin-off economic activity.  In the press conference announcing the deal, Tesla founder and CEO noted that Nevada is a state that “really gets things done.”  We certainly agree, Elon, and look forward to our new neighbor in Northern Nevada – welcome to Reno, Tesla!

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